cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
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Post by cooling_dude on Aug 1, 2016 21:46:37 GMT
Looks to me like the bank cocked up on that one, didnt do its due diligence on existing loans Found the HoP debate yet? Ref to another family member & former director. Involving Karen P*******? Yes... It's on one of my 32 tabs I currently have open in relation to these loans. Haven't delved into it yet, but is on my todo list... Currently reading an interesting times article in regards to Desmond P*******
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locutus
Member of DD Central
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Post by locutus on Aug 1, 2016 21:52:07 GMT
Looks to me like the bank cocked up on that one, didnt do its due diligence on existing loans Found the HoP debate yet? Ref to another family member & former director. Involving Karen P*******? Yes... It's on one of my 32 tabs I currently have open in relation to these loans. Haven't delved into it yet, but is on my todo list... Currently reading a times article titled "Loans boss Desmond P******* boasts a string of failures"... There is a whole Radio 4 interview about him. "The ******* Rogue".
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locutus
Member of DD Central
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Post by locutus on Aug 1, 2016 22:05:16 GMT
The guy seems to have a standard MO. Convince farmers that are in financial difficulties to take out a bridging loan with his company. Tell them it is short term whilst he sources longer term cheaper finance for them. Not find cheaper finance. Repossess the farm. He has had a couple of bankruptcies himself over the years and when MPs and Radio 4 are discussing his antics, you know it's trouble. To be honest, even if the security is solid, I'm a bit disappointed with SS for doing business with someone with such a chequered and public history. There is probably nothing wrong with SS's loan so I'm not panicking but sometimes it is best to avoid doing business completely with certain types of individual.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 1, 2016 22:06:07 GMT
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locutus
Member of DD Central
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Post by locutus on Aug 1, 2016 22:06:52 GMT
Thanks. I have edited it now.
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Post by Harland Kearney on Aug 1, 2016 23:40:28 GMT
I've sold my share of this loan before I predict it comes late or runs into a bridging issue. Looking forward to SS reply here too.
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goopy
Member of DD Central
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Post by goopy on Aug 2, 2016 9:21:44 GMT
SS, did you know about this borrowers past enterprises? He has been conning farmers out of their land/homes for twenty years, there has been questions in parliament about his 'fraudulent' methods and he seems like one of the most unsavoury characters one could ever come across. Do you as a lender of thousands of peoples money think that this is the kind of person you/we should be dealing with?
A comment on this would be appreciated.
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Post by geraldine1210 on Aug 2, 2016 9:26:54 GMT
Probably a good idea for lendy to sell this on sharpish. Even at a loss.
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Post by dualinvestor on Aug 2, 2016 9:33:48 GMT
Aren't we covered by the surveyors indemnity insurance if it turns out to not be worth the stated valuation? Erm - according to the relevant box in the valuation its expired ... yesterday  Under the Limitation Act, unless you have ontracted out of it, the period for action is six years. If the report has a expiry date that might refer to the period it can be relied upon, eg, "this valuation is valid for 12 months." If anyone has a right of action for negligence and they have relied on the report they can bring procedings up to six years later.
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Post by savingstream on Aug 2, 2016 10:15:57 GMT
The property on which our loan is secured on is sound and so is the valuation which the valuer reconfirmed just before we completed on the loan.
We have evidence of the rents being paid by all tenants including those associated with the borrower at the time i.e they are real.
Our company is in very regular comms with the borrower and our Loan Redemptions Manager is happy with progress being made either by refinance or sale.
We have asked for the valuer to review his valuation which was made last year and update with regards tenancies and rents being paid.
We will not comment on the borrower's personality or background, neither of which are relevant to his capacity to repay our loan.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Aug 2, 2016 10:27:45 GMT
Thanks for the update savingstream, much appreciated We eagerly await the updated valuation report... |
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goopy
Member of DD Central
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Post by goopy on Aug 2, 2016 10:47:30 GMT
Going to be a little controversial and say I'm quite happy with this loan. SS have a 1st legal charge and debenture over the Co. all registered at CH. It is only the projected valuation which is causing people concern here. The owner is selling - which they won't be able to do unless they receive enough sale proceeds (or alternatively pay themselves on top of the sale proceeds) to pay back SS, and in turn us. Likely there is already a tenant on a lease at the Property if there is only part being offered to let at the moment which will only make it more attractive for a purchaser. What a director may have or has done in the past does not imo affect the saleability nor value of a Property. You may be comfortable with selling your soul for 12% but I hope most people who use this platform will be as DISGUSTED as me having unknowingly dealt with such a lowlife s?*??*? as D** P********.
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goopy
Member of DD Central
Posts: 307
Likes: 144
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Post by goopy on Aug 2, 2016 10:55:28 GMT
The property on which our loan is secured on is sound and so is the valuation which the valuer reconfirmed just before we completed on the loan.
We have evidence of the rents being paid by all tenants including those associated with the borrower at the time i.e they are real.
Our company is in very regular comms with the borrower and our Loan Redemptions Manager is happy with progress being made either by refinance or sale.
We have asked for the valuer to review his valuation which was made last year and update with regards tenancies and rents being paid.
We will not comment on the borrower's personality or background, neither of which are relevant to his capacity to repay our loan. I take it from this reply that SS as a company will deal with ANYONE so long as there is money to be made? This person is turning out to be one of the most unscrupulous people on the planet and you, as a company, have no problems with dealing with him? Something smells worse than rotten fish in here.... 
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Post by dualinvestor on Aug 2, 2016 10:57:30 GMT
As the stated means of repayment is "Refinance with commercial mortgage" I dispute SS's assertion that the borrower's character is irrelevent to "capacity to repay our loan" given the apparent plethora of bad publicity easily available that any new lender will become aware. Perhaps those involved ought not continue to bring such attention to it  |
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Post by geraldine1210 on Aug 2, 2016 10:58:35 GMT
So in 79 days this loan should be repaid in full. Let's be flexible and say it should be repaid within 100 days.
100 days is 10 December.
We shall see what happens.
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